Lower costs see Glen Electric profits rise 13% despite decline in revenues

PRE-TAX profits at Glen Electric, the Northern Ireland-based division of electrical appliance giant Glen Dimplex, increased last year by 13% to £66.3 million (€77.6m) in spite of a decline in revenues.

Glen Electric Ltd is estimated to account for around half of Glen Dimplex’s overall business and figures show that the company’s revenues decreased by 6.5% from £880.7m to £823m in the 12 months to the end of March this year.

Glen Dimplex — owned by one of Ireland’s richest men, Martin Naughton — has unlimited status and is not required to file public accounts.